If you bank with Nationwide, you could be due a windfall — a welcome prospect for those in need of a cash boost.

The building society operates as a mutual rather than a traditional bank, meaning it’s owned by and run for the benefit of its members.

As such, Nationwide shares profits among account holders (rather than shareholders) as part of its Fairer Share Payment initiative, with almost 4 million customers nabbing a £100 bonus earlier this year.

‘The Fairer Share Payment is our way of rewarding those members who choose us for their everyday banking as well as having savings or a mortgage with us,’ the bank said in a statement.

The exact details of Nationwide’s next one-off payout have yet to be announced, but ahead of the Board’s decision, this year’s eligibility criteria can help you work out what to expect.

When will the Nationwide bonus be paid out?

Last time around, the bank contacted eligible members by May 31, with bonuses deposited into members’ accounts between June 13 and June 28.

Nationwide plans to release information such as the amount and exact payout dates around the same time in 2025, so there’s still a while to wait.

However, all the hard work’s done for you, so you don’t need to make a claim or request the money yourself.

If you think you qualify and haven’t heard anything from Nationwide by June, get in touch. And don’t forget to stay aware of fraudulent attempts at obtaining your personal information to apply for the payment.

Martin Lewis’s Money Saving Expert said it was ‘likely’ Nationwide would run the bonus scheme again this year, adding: ‘In previous years, the scheme has been announced in May and paid in June, though whether you got it depended on if you met the qualifying criteria in the first three months of the year – so now’s the perfect time to maximise your chances.’

Who is eligible for the Nationwide bonus?

If the scheme comes with the same prerequisites as it did for 2023-2024, to be in the running, customers must hold both a qualifying current account as well as a qualifying savings or mortgage account.

Each of the bank’s current accounts were eligible, providing certain criteria are met.

The first of these is that the account was open on March 31, the end of the financial year — although those who switched accounts between January 1 and March 31 were exempt from any additional requirements.

Otherwise, Nationwide explained that FlexAccount, FlexDirect or FlexBasic holders must have either received £500, made two payments from their account, or completed at least 10 payments out of the account between January and March to qualify.

Meanwhile, FlexPlus account holders must have paid their monthly fee, and FlexOne, FlexStudent or FlexGraduate customers need to have made at least one payment in or out during March.

Those with investment accounts and stocks and shares weren’t included in the criteria, but savings account holders qualified if they had a minimum of £100 in total across Nationwide personal savings accounts or cash ISAs at the end of any day in March.

When it came to mortgages, customers must have owed at least £100 on their residential mortgage with the building society on March 31.

Home loans through subsidiaries such as The Mortgage Works, UCB Home Loans Corporation Limited, or Derbyshire Home Loans Limited are excluded from the bonus, as are commercial mortgages and those not completed by March 31.

If you’re not sure whether you fit the bill, you can use Nationwide’s eligibility checker to work it out (although be aware this criteria may change for 2025).

This article was first published on December 12, 2024.

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